| July 3 |
Purchase |
1 |
$20.00 |
| 10 |
Purchase |
1 |
23.00 |
| 24 |
Purchase |
1 |
26.00 |
| |
Total |
3 |
$69.00 |
| |
|
|
|
| |
Average cost |
per unit |
$23.00 |
Assume one unit sells on July 28 for $34.00.
Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.